Should I Rent or Sell My House?

Are you ready to move on from your current home? Are you looking to relocate for a job but have a current mortgage? Did you just inherit a home that you do not know what to do with? Do you have multiple homes and want to make a little extra cash? Are you in a situation where you cannot afford your current monthly mortgage or your home expenses are too much?

These are real scenarios that homeowners face across the country every day. A home is a large investment. The housing market ebbs and flows constantly, and a homeowner’s personal situations also change. Deciding whether to rent or sell a home is a choice any homeowner has, but there are considerations to discuss with either.

To help homeowners think through the best route for them, we’ve outlined a few of these considerations for renting a house vs. selling a house below.

Renting a House Considerations

If you are the type of homeowner who has a desirable property, is interested in becoming a landlord, and has confidence in the current housing demand in their neighborhood, renting a home might be a good option.

Homeowners exploring the rental option should make sure to be aware of the following things before diving right into renting a property:

• What is the current housing market specifically in your city and even zoomed in to your neighborhood and particular part of town? If you still owe on your mortgage, or the selling price is not currently in the seller’s favor, holding on to a property and bringing in additional rent might be a great option.
• What are the current rental properties listed for? Find a set of homes that are similar and comparable to your property. Similarities should include the number of bedrooms, number of bathrooms, appliances, square footage, property size, and overall condition of the home.
• Are you interested in continuing to put money and time into a house? Being a landlord is a full-time commitment, and renters expect a level of responsiveness and attention. While the prospect of a large payoff is clear, landlords need to continually repair and improve a home, as well as deal with potentially destructive tenants.

Many homeowners have been extremely successful in renting out their properties. However, if the home is not a good rental property, if a homeowner does not want to put any more time/effort/investment into a home, or if a landlord situation is not a good fit for someone personally and professionally, selling might be the better way to go.

Selling a House Considerations

While renting a home is a potential way to bring in extra money and expand personal wealth with real estate, it is not the best choice for everyone. If a homeowner has no desire to be a landlord or is in a situation where they want to free up cash and not be tied to a monthly mortgage, selling is a great path. There also might be situations in which a homeowner bit off more than they can chew and they are risking foreclosure, or they just inherited a home they do not want at all.

Homeowners exploring the selling option should make sure to be aware of the following things before diving right into listing their home for sale:

• Is it a seller’s market or a buyer’s market in your neighborhood or part of town? If it is a seller’s market, the opportunity to make more money after paying off the remaining mortgage is possible. If it’s a buyer’s market, the home price will either need to be lower to attract buyers, or you risk staying on the market longer.
• Are you looking to sell the home “as is,” or do you want to invest in renovations and upgrades to make it more competitive on the market? Do you have the cash on hand in the first place to make improvements? All of this affects how much a homeowner can list a home for and the bottom line of return after selling.
• Are you overwhelmed by your current monthly home payments and need to sell quickly?
• Do you want to be a landlord? Are there rental homes in your neighborhood? Is renting even an option?

We Buy Houses Lubbock

If you are a homeowner in the Lubbock, Texas, area or surrounding cities and want to sell your house fast, let We Buy Houses Lubbock. We’re cash home buyers,, and we are ready to make you a cash offer. Contact us today and get ready to sell your home for cash!